What to Watch in the Week Ahead and on Monday, September 9
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ON MONDAY
The U.S. Department of Justice's second antitrust trial against online juggernaut Google, over its alleged monopoly in online advertising technology, is scheduled to begin with opening statements to be presented by both sides.
Goldman Sachs CEO, David Solomon, Barclays CEO, C.S. Venkatakrishnan and CFO, Anna Cross and PNC Financial CEO, Bill Demchak are slated to speak on the first day of the Barclays Global Financial Services Conference in New York.
The U.S. Commerce Department's Census Bureau is expected to release wholesale inventories data for July.
For Latin America's second-largest economy, Mexico, its statistics agency INEGI is scheduled to report inflation figures, producer price index data and consumer confidence readings for August.
REST OF THE WEEK
In the week before the Fed's monetary policy meeting, an array of data from the Labor Department's Bureau of Labor Statistics could provide more insight into consumer and producer price inflation in August. On Wednesday, a report is expected to show that the consumer price index (CPI) in August rose 0.2%, same as the previous month. Annually, CPI probably rose 2.6%. The rise in core CPI, that excludes volatile food and energy components, is estimated to be at 0.2%, same as in July. Thursday's data release from the same department could show that the producer price index (PPI) edged up 0.1% in August, same as the previous month. In the 12 months through July, PPI is expected to rise 1.8%. PPI, excluding food and energy probably inched up 0.2% in August, after remaining flat in July. On the same day, another Labor Department data could reveal that initial jobless claims for the week ending September 7 likely rose by 3000 to 230,000. On Friday, a separate report from the Labor Department is set to show that import prices in August likely dropped 0.2% after inching up 0.1% in July. Export prices are expected to fall 0.1% in August, compared to a 0.7% rise in the month prior. Separately, on the same day, the University of Michigan's preliminary reading on the overall index of consumer sentiment is likely to come in at 68 for September, compared to 67.9 in August.
Kroger, on Thursday, is likely to post a rise in second-quarter revenue, helped by strong demand for its low-priced groceries as consumers look to save dollars amid sticky inflation. Investors will look out for comments regarding the health of the consumer, deal with Albertsons, any new plans by Kroger to get regulatory approval and updates to its annual forecasts. Meanwhile, on Friday, a federal judge in Portland, Oregon is scheduled to hear closing arguments in the U.S. Federal Trade Commission's case seeking to block Kroger's $24.6 billion deal to buy rival Albertsons.
Federal Reserve Vice Chair for Supervision Michael Barr, on Tuesday, is slated to speak on "Basel III Endgame" before the Brookings Institution, in Washington. Barr, appearing during the Fed's blackout period ahead of next week's monetary policy meeting, might not comment on the economy or the outlook for monetary policy.
On Thursday, unionized workers at Boeing who produce the planemaker's strongest-selling jet are scheduled to vote on whether to accept a new contract or consider striking for better terms. The vote is critical for the company which is under pressure to ramp up production of its 737 MAX jet.
Nike 2024 Annual Shareholder Meeting is scheduled to take place on Tuesday. Investors will look forward to shareholder approval for a resolution demanding the company consider ways it can improve working conditions at garment factories and pay equity disclosures.
On Tuesday, JPMorgan Chase president and chief operating officer, Daniel Pinto, Bank of America CEO, Brian Moynihan, Wells Fargo CFO, Michael Santomassimo and the head of wealth management and investment management for Morgan Stanley, Dan Simkowitz are scheduled to speak at the second day of the Barclays Global Financial Services Conference in New York,. On the next day, American Express CFO, Christophe Le Caillec is likely to speak at the same conference.
GameStop, on Tuesday, is expected to post a fall in second-quarter revenue hurt by slowing sales at its core business of selling new and pre-owned videogames.
On the Canadian front, the Bank of Canada Governor Tiff Macklem is expected to speak at the Canada-UK Chamber of Commerce in London, on Tuesday.
Statistics Canada is expected to release Wholesale trade figures for July and industry capacity utilization for the second quarter on Friday and July's building permits data on Thursday.
Canadian discount store operator Dollarama is expected to post a rise in second-quarter revenue on Wednesday, helped by steady demand for its affordable groceries and essentials. Investors will look for comments on demand, impact of input costs as well as annual forecasts.
On the Latin American economic front, Brazil's statistics agency IBGE is slated to release August's IPCA inflation index reading on Tuesday and July's retail sales figures on Thursday. Additionally, the country's IBC-BR index reading, due on Friday, could offer insight into economic activity in July. On Wednesday, IBGE is likely to report on the country's service sector growth in July. On Wednesday, Mexico's industrial output data for July is expected. On the same day, Argentina's inflation figures for the month of August will also be on the radar.
Compiled by Malini K; Editing by Vijay Kishore
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